On November 23, 2012, Redwood Asset Management Inc. ("Redwood") announced proposed plans to change the fundamental investment objective and to increase the incentive fee charged by Redwood to Trapeze Value Class. At a special meeting of securityholders to be held on or about February 15, 2013, the Manager will seek approval of the securityholders of Trapeze Value Class in connection with the proposed changes.

Incentive Fee Change

If securityholders of Trapeze Value Class approve the proposed incentive fee change, the incentive fee relating to securities of Trapeze Value Class will increase from 10% to 20% and the benchmark will change from the S&P/TSX Composite Index to a 50/50 blend of the S&P/TSX Composite Index and S&P 500 Index, effectively on or about February 15, 2013.

Fundamental Investment Objective Change

The current fundamental investment objective of Trapeze Value Class is as follows:

"The objective of the Fund is to outperform the broad Canadian equity market as measured by the S&P/TSX Composite Total Return Index, over a time period longer than 5 years, providing long-term capital appreciation and value by investing primarily in small-to-large capitalization stocks of Canadian issuers. To assist in achieving this objective the Fund may focus its assets in specific industry sectors and asset classes based on analysis of business cycles, industry sectors and market outlook."

If securityholders of Trapeze Value Class approve the proposed change to the fundamental investment objective, the fundamental investment objective of Trapeze Value Class will be, effective on or about February 15, 2013, as follows:

"The objective of the Fund is to outperform the global equities market, predominantly those equities listed in the United States and Canada, as measured by the S&P/TSX Composite Total Return Index and S&P 500 Index, over a time period longer than 5 years, providing long-term capital appreciation and value by investing in small-to-large capitalization stocks of global issuers. To assist in achieving this objective the Fund may focus its assets in specific industry sectors and asset classes based on analysis of business cycles, industry sectors and market outlook."

Trailing Commission Change

Redwood plans to change the trailing commission relating to Series A of Trapeze Value Class from 1.00% to 1.25%, effective on or about February 15, 2013. These trailing commissions are paid by the Manager from management fees received and are not paid by Trapeze Value Class directly. The Manager may, at its discretion, negotiate, change the terms and conditions of, or discontinue the payment of trailing commissions to dealers as long as the changes comply with Canadian securities laws. No trailing commissions are paid in respect of the Series F securities of the Fund.

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